NZD/USD: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 0.6005 |
| Take Profit | 0.6225, 0.6365 |
| Stop Loss | 0.5876 |
| Key Levels | 0.5300, 0.5515, 0.5876, 0.6225, 0.6365 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 0.5870 |
| Take Profit | 0.5515, 0.5300 |
| Stop Loss | 0.5990 |
| Key Levels | 0.5300, 0.5515, 0.5876, 0.6225, 0.6365 |
The possibility of growth remains.
On the daily chart, an upward wave of the higher level (C) is being constructed, within which the entry first wave 1 of (C) appeared, a downward correction as the second wave 2 of (C) has completed, and wave 3 of (C) is being formed. At the moment, the first wave of the lower level i of 3 is observed, the downward correction as the second wave ii of 3 is completed and wave iii of 3 is formed, within which wave (i) of iii continues to develop. If the assumption is correct, the NZD/USD pair will rise to the area of 0.6225–0.6365. The level of 0.5876 is critical and stop-loss for this scenario.
Main scenario
Long positions are relevant above the level of 0.5876 with targets at 0.6225–0.6365. Implementation time: 7 days and more.
Alternative scenario
Breakdown and consolidation of the price below the level 0.5876 will allow the trading instrument to continue its downward dynamics to the area of 0.5515–0.5300.
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